Saudi Public Investment Fund emerges as most valuable and second-strongest sovereign wealth fund globally
Asset Management and Sovereign Wealth Funds 2024 report released
Updated 05 June 2024
Arab News
RIYADH: Saudi Arabia’s Public Investment Fund has topped the list of the most valuable brands among global sovereign wealth funds, according to a report by UK-based brand valuation and strategy consultancy Brand Finance.
The list includes 50 of the largest asset management companies and sovereign wealth funds in the world.
The inaugural Asset Management and Sovereign Wealth Funds 2024 report, which was released on Wednesday, was based on a survey of more than 4,400 entities around the world, including companies, individuals and media from the investment and financial sectors.
The Brand Finance report estimated the value of the PIF’s brand at $1.1 billion (more than SR4.1 billion), making it the highest among the regional and international sovereign funds included in the list.
A first-of-its-kind @BrandFinance report showed that PIF’s brand is driven by its investment strategy, trust in its name, brand awareness, and for being a catalyst for advancement.
It said the PIF emerged as the world’s second-strongest SWF brand in terms of brand strength, with a score index of 62.1 out of 100, and is “one of only three SWF brands to earn an A+ brand strength rating.”
The report added that the PIF had ambitious growth prospects in light of its targets for the year 2030, which contributed to enhancing the value of its brand, especially as it distinguished itself among other sovereign funds in its focus on investing in the local economy, unlocking the capabilities of new sectors and creating job opportunities, the Saudi Press Agency reported.
“Through this unique approach to ranking asset managers and SWF funds, Brand Finance has revealed a novel and useful new insight: actively managed asset managers tend to have higher brand value to AUM (assets under management) rations,” the report said.
“As the most active SWF by a large margin, PIF epitomizes this trend with a brand value to AUM ratio that is almost double that of its nearest SWF competitor,” it added.
#PIF has been recognized as the world’s No. 1 sovereign wealth fund by brand value in a report by @BrandFinance. This was based on a survey of over 4,400 investors, investment advisors, asset managers, NGOs and media, and the informed public audience. pic.twitter.com/QSfEc8hHoN
The report stated that the advanced position of the fund’s brand was due to its influential economic activity and investment performance.
Those surveyed expressed a positive outlook toward the PIF’s innovative strategy and its role as a catalyst for promoting growth and development.
The report added: “Looking ahead, PIF has ambitious growth prospects, aiming to reach USD2 trillion in AUM by 2030. This ambition has also turbocharged PIF’s brand value and brand strength as it has adopted bold investment strategies that contract other SWF brands.
“PIF is also the 15th most valuable brand in a combined ranking of both asset managers and SWFs, a reflection of how PIF leadership envisions the fund as an asset manager, SWF, and a national development entity.”
The value of assets under management at the PIF has reached more than $930 billion, and the fund works to develop strategic sectors and opportunities that will contribute to shaping the future of the global economy, the SPA reported.
The fund is an active investor and a major driver of economic transformation in the Kingdom, and since 2017 it has launched 94 new companies and contributed to creating more than 644,000 job opportunities at the local level, the SPA added.
Brand Finance has been working for more than 25 years to evaluate the strength of brands and determine their financial value, and publishes more than 100 reports classifying brands in all sectors and countries.
Villarreal dampens Barcelona’s title celebrations. Mbappé scores again for Madrid
Villarreal’s victory secured its return to the Champions League for the first time since reaching the semifinals in 2022
Updated 9 min 26 sec ago
AP
MADRID: Villarreal dampened Barcelona’s title celebrations by handing the Catalan club its first defeat of 2025 in the Spanish league on Sunday.
Barcelona, which clinched its 28th league title midweek, presented the trophy to its fans in the team’s final home match of the season at Montjuic stadium. Players were announced one by one after the game, which Villarreal won 3-2, before lifting the trophy.
Barcelona’s Spanish Super Cup and Copa del Rey trophies also were displayed at Montjuic, with players dancing around the silverware during the celebrations.
“We can be proud of this team for winning these titles and for how it did it,” Barcelona goalkeeper Marc-André ter Stegen said. “We had a great season in all levels.”
Before the match, Villarreal players did a guard of honor for the new league champions, with its players lining up to congratulate Barcelona as the team entered the field.
Real Madrid won 2-0 at nine-man Sevilla, with Kylian Mbappé extending his league-leading tally to 29 goals with one round to go. Jude Bellingham also scored. Madrid reached 81 points, four fewer than Barcelona.
Villarreal’s victory secured its return to the Champions League for the first time since reaching the semifinals in 2022.
It will join Barcelona, Madrid, Atletico Madrid and Athletic Bilbao in Europe’s top club competition next season. Spain will have five clubs in the Champions League next season.
Real Betis clinched one of the Europa League spots. Celta Vigo, Rayo Vallecano and Osasuna will be chasing the final Europa League place and the Conference League spot.
Leganes, owned by former Houston Astros general manager Jeff Luhnow, and Espanyol will try to avoid the last relegation spot in the final round when Leganes is at last-placed Valladolid and Espanyol faces relegated Las Palmas.
Barcelona, Madrid, Atletico and Athletic will play in next year’s lucrative Spanish Super Cup in Saudi Arabia.
All 10 games were played at the same time on Sunday. Barcelona’s loss
Barcelona hadn’t lost in the league since a 2-1 defeat against Atletico on Dec. 21, with 15 wins and two draws since then. Villarreal’s win was its fifth straight victory in the league.
Ayoze Pérez put the visitors ahead after a breakaway four minutes into the match. The hosts equalized when Lamine Yamal scored with yet another beautiful goal in the teenager’s outstanding season, curling in a left-footed shot from outside the area.
Fermín López put Barcelona ahead in first-half stoppage time, but Santiago Comesaña scored for Villarreal in the 50th and Tajon Buchanan netted the winner in the 80th.
It was likely the last match Barcelona played at Montjuic stadium as the club plans to return to the Camp Nou Stadium next season even though renovation work at the venue is not expected to be fully completed until mid-2026. Mbappé’s goals
Mbappé strengthened his chances of finishing as the league’s top scorer this season with a goal from a low shot from outside the area in the 75th.
Mbappé now has 29 league goals. Barcelona’s Robert Lewandowski (25 goals) is his nearest rival.
Sevilla’s Loic Bade was sent off in the 12th for a foul on Mbappé to stop a breakaway. Then Isaac Romero was shown a red card for a hard foul on Aurélien Tchouaméni.
It was the second-to-last match for Madrid under Carlo Ancelotti before he becomes Brazil coach. Xabi Alonso is widely expected to be Madrid’s next coach.
Sevilla, sitting in 16th place, had only one win in its last 10 games. Relegation fight
Leganes kept its survival hopes alive by winning 1-0 at Las Palmas with a sixth-minute goal by Dani Raba.
It is two points behind the first team outside the relegation zone, Espanyol, which remained in danger after a 2-0 loss at Osasuna for its fifth straight defeat.
Alaves escaped the drop by winning 1-0 at Valladolid, while Getafe did the same by beating Mallorca 2-1 to end a six-game losing run.
Second-to-last Las Palmas and bottom side Valladolid had already been relegated. European places
Celta Vigo lost 2-1 at home to Rayo Vallecano but holds the final Europa League spot in seventh place. It is one point ahead of both eighth-placed Rayo — in the Conference League position — and ninth-placed Osasuna.
Rayo will host Mallorca in the final round, while Osasuna visits Alaves and Celta is at Getafe. Spanish Super Cup
The top two teams in the league and the Copa del Rey finalists are awarded places in the Spanish Super Cup. Since this season’s final was between Barcelona and Madrid, two other spots were made available through the league.
Third-placed Atletico guaranteed its spot with a 4-1 win over Betis with Julián Álvarez scoring twice, including with a superb curling free kick in the first half. Fourth-placed Athletic Bilbao won 1-0 at Valencia with a goal by Álex Berenguer. Alguacil honored
Real Sociedad honored coach Imanol Alguacil in its final home match, a 3-2 win against Girona.
Alguacil will step down this summer after a mostly successful six-and-a-half-year stint in charge of the Basque Country club.
Scheffler pulls away to win PGA Championship for 3rd major title
Scheffler was flawless when he had to be on the back nine of Quail Hollow, Scheffler was flawless when he had to be on the back nine of Quail Hollow
Updated 20 min 18 sec ago
AP
CHARLOTTE, North Carolina: Scottie Scheffler worked harder than he imagined and got the result everyone expected Sunday in the PGA Championship: A most pleasant walk to the 18th green with another major title secure in the hands of golf’s No. 1 player.
Scheffler was flawless when he had to be on the back nine of Quail Hollow, leaving the blunders to Jon Rahm and everyone else trying to catch him on a final day that turned tense until Scheffler pulled away with a steady diet of fairways and greens.
He closed with a bogey he could afford for an even-par 71, giving him a five-shot victory and his third major title. Scheffler became the first player since Seve Ballesteros to win his first three majors by three shots or more.
Scottie Scheffler plays a shot from a bunker on the first hole during the final round of the PGA Championship at Quail Hollow Country Club on May 18, 2025 in Charlotte, North Carolina. (Getty Images via AFP)
A snoozer? Not even close. That much was clear when Scheffler raised his arms on the 18th green and then ferociously slammed his cap to the turf.
Scheffler was five shots ahead coming to the last hole when he won his first Masters green jacket in 2022. He was four shots clear of the field when he won at Augusta National last year. And he had a six-shot lead at Quail Hollow.
But this sure didn’t feel like a walk in the park.
He had a five-shot lead standing on the sixth tee. But with a shaky swing that led to two bogeys, and with Rahm making three birdies in a four-hole stretch around the turn — they were tied when Scheffler got to the 10th tee.
It looked like a duel to the finish, with Bryson DeChambeau doing all he could to get in the mix, until Scheffler looked every bit the best in golf. He didn’t miss a shot off the tee or from the fairway until his lead back to four shots.
Napoli close in on Serie A title despite Parma stalemate
Updated 19 May 2025
AFP
PARMA, Italy: Napoli will have to wait one more week to seal the Serie A title after being held to a goalless draw at Parma while closest rivals Inter Milan drew 2-2 in a dramatic game with Lazio.
Antonio Conte’s team stayed one point ahead of Inter and were unfortunate not to win after twice striking the woodwork through Andre-Frank Zambo Anguissa and Matteo Politano, while Scott McTominay also had a free-kick tipped onto the crossbar.
The away side thought they would be handed a chance to take the points from the penalty spot in the 96th minute when David Neres was fouled, only for the decision to be reversed for a foul committed by Giovanni Simeone earlier in the move.
A feisty match at the Stadio Ennio Tardini ended with Conte and his Parma counterpart Cristian Chivu both being sent off following a blazing row between the two dugouts in the final moments.
However a home win on the final day against Cagliari, who are safe thanks to a 3-0 win over second-from-bottom Venezia, will give Napoli a fourth league crown.
“We’re close but we have more step to take in front of our own fans. We’ve been top for a large part of the season even with a lot of difficulties,” said Conte to DAZN.
“It’s down to these boys who put their heart and soul into it. I really hope we can win this title because it would truly be a great achievement.”
Inter’s final fixture is at Como who are finishing their first Serie A season in over two decades in great form, although Cesc Fabregas’ team’s winning streak ended at six matches with a 1-1 draw at safe Verona.
Napoli were saved from being overtaken by Inter thanks to a Pedro brace for Lazio, including a 90th-minute penalty.
Denzel Dumfries thought he had headed home a potentially key goal with 10 minutes remaining at the San Siro, before a Yann Bisseck handball allowed Champions League chasers Lazio to snatch a point.
Inter once again showed their wasteful side by giving away a lead twice, with Bisseck opening the scoring on the stroke of half-time before Pedro netted in the 73rd minute, while Marko Arnautovic missed a golden chance to move the hosts top in the dying moments.
Coach Simone Inzaghi will also missed the final match of the season after being sent off for his livid reaction at the VAR check which led to Pedro levelling from the penalty spot.
No one from the Inter spoke to media after the match, in apparent protest over the decision to give Lazio their penalty.
Lazio drawing kept the Roman club in the hunt for the final Champions league spot, although Marco Baroni’s team are two points behind four-placed Juve who beat mid-table Udinese 2-0.
Sandwiched between Juve and Lazio are Roma, who beat 10-man AC Milan 3-1 on a night when fans honored Claudio Ranieri in his last home match as coach for his boyhood club.
Milan, who had to play most of the match a man down after Santiago Gimenez was sent off in the 21st minute, sit ninth and will not play European football next season.
Bologna’s bid for Champions League football is over after a 3-2 defeat at Fiorentina which left the Italian Cup winners five points behind Juve.
However Vincenzo Italiano’s team will play in the Europa League next season thanks to their historic cup victory on Wednesday over Milan, their first major trophy since 1974.
A point was not enough to guarantee Parma safety as Chivu’s team are two points above Empoli who are just inside the drop zone after beating relegated Monza 3-1.
Empoli are level on 31 points with Lecce, who moved one place above the relegation zone with a 1-0 win over Torino.
Polish centrist’s narrow presidential lead leaves pro-EU path in balance
Centrist and liberal left parties score lower than expected
Far-right voters to play crucial role in second round
Updated 19 May 2025
Reuters
WARSAW: Polish liberals performed worse than expected in a presidential election on Sunday, an exit poll showed, as Rafal Trzaskowski from ruling centrists Civic Coalition (KO) scraped to victory setting up a close fight for Warsaw’s pro-European path.
Trzaskowski placed first with 30.8 percent of the vote, ahead of Karol Nawrocki, the candidate backed by the nationalist Law and Justice (PiS) party, who had 29.1 percent, according to an Ipsos exit poll. The gap was much narrower than the 4-7 percentage points seen in opinion polls before the vote.
If confirmed, the result would mean that Trzaskowski and Nawrocki will go head-to-head in a runoff vote on June 1 to determine whether Poland sticks firmly on the pro-European track set by Polish Prime Minister Donald Tusk or moves closer to nationalist admirers of US President Donald Trump.
“We are going for victory. I said that it would be close and it is close,” Trzaskowski told supporters. “There is a lot, a lot, of work ahead of us and we need determination.”
Warsaw Mayor Rafal Trzaskowski, the presidential candidate of the Civic Coalition reacts to exit polls for the first round of Poland's presidential election, in Sandomierz, Poland, on May 18, 2025. (REUTERS)
Nawrocki also told supporters he was confident of victory in the second round and called on the far-right to get behind him and “save Poland.”
“We have to win these elections so that there is no monopoly of power of one political group, so that there is no monolithic power in Poland,” he said.
An Opinia24 poll for private broadcaster TVN published after the first round gave Trzaskowski 46 percent in the run-off and Nawrocki 44 percent, with 10 percent of voters either undecided or refusing to say.
Far-right candidates Slawomir Mentzen and Grzegorz Braun scored almost 22 percent combined, a historically high score.
Braun, who in 2023 used a fire extinguisher to put out Hanukkah candles in the country’s parliament, an incident that caused international outrage, won 6.2 percent of the vote according to the exit poll.
Mentzen stopped short of immediately endorsing Nawrocki.
“Voters... are not sacks of potatoes, they are not thrown from one place to another,” he said. “Each of our voters is a conscious, intelligent person and will make their own decision.”
Stanley Bill, Professor of Polish Studies at the University of Cambridge, said the combined strong showing of nationalist and far-right parties meant the results were “a disappointment for the Trzaskowski camp and put wind in the sails of Nawrocki.”
“I would add to this that the results are a significant blow to Donald Tusk’s ruling coalition,” Bill added. “Candidates representing parties that won 53.7 percent of the vote in the 2023 parliamentary elections won only 44.9 percent of the vote this evening.”
Turnout was 66.8 percent according to the exit poll.
The vote in Poland took place on the same day as a presidential run-off vote in Romania, in which centrist Bucharest mayor, Nicusor Dan, appeared on course to defeat Euroskeptic hard-right lawmaker George Simion.
Karol Nawrocki, presidential candidate for the 2025 Polish presidential election supported by Poland's national conservative Law and Justice party, wave to supporters as first exit polls following the presidential elections are announced in Gdansk, Poland, on May 18, 2025. ( AP Photo)
Presidential veto
In Poland, the president has the power to veto laws. A Trzaskowski victory in the second round would enable Tusk’s government to implement an agenda that includes rolling back judicial reforms introduced by PiS that critics say undermined the independence of the courts.
However, if Nawrocki wins, the impasse that has existed since Tusk became prime minister in 2023 would be set to continue. Until now, PiS-ally President Andrzej Duda has stymied Tusk’s efforts.
If the exit poll is confirmed, the other candidates in the first round, including Mentzen from the far-right Confederation Party, Parliament Speaker Szymon Holownia of the center-right Poland 2050 and Magdalena Biejat from the Left, will be eliminated.
Two updated polls that take into account partial official results will be published later in the evening and early on Monday morning.
Role in Europe
Trzaskowski has pledged to cement Poland’s role as a major player at the heart of European policymaking and work with the government to roll back PiS’s judicial changes.
Nawrocki’s campaign was rocked by allegations, which he denies, that he deceived an elderly man into selling him a flat in return for a promise of care he did not provide. But Trump showed support by meeting Nawrocki in the White House.
Nawrocki casts the election as a chance to stop Tusk achieving unchecked power and push back against liberal values represented by Trzaskowski, who as Warsaw mayor was a patron of LGBT marches and took down Christian crosses from public buildings.
Unlike some other euroskeptics in central Europe, Nawrocki supports military aid to help Ukraine fend off Russia. However, he has tapped into anti-Ukrainian sentiment among some Poles weary of an influx of refugees from their neighbor.
He has said Polish citizens should get priority in public services and criticized Kyiv’s attitude to exhumations of the remains of Poles killed by Ukrainian nationalists during World War Two.
Pro-EU centrist wins Romania’s tense presidential race over hard-right nationalist
Updated 19 May 2025
BUCHAREST, Romania: Pro-European Union candidate Nicusor Dan has won Romania’s closely watched presidential runoff against a hard-right nationalist, nearly complete electoral data shows. A huge turnout Sunday played a key role in the tense election that many viewed as a geopolitical choice between East or West.
The race pitted front-runner George Simion, the 38-year-old leader of the hard-right Alliance for the Unity of Romanians, or AUR, against Dan, the incumbent mayor of Bucharest. It was held months after the cancelation of the previous election plunged Romania into its worst political crisis in decades.
After 10.7 million of 11.6 million votes were counted, Dan was ahead with 54.19 percent, while Simion trailed at 45.81 percent, according to official data. In the first-round vote on May 4, Simion won almost double the votes as Dan, and many local surveys had predicted he would secure the presidency.
But in a swing that appeared to be a repudiation of Simion’s more skeptical approach to the EU, which Romania joined in 2007, Dan picked up almost 900,000 more votes to solidly defeat his opponent in the final round.
Thousands gathered outside Dan’s headquarters near Bucharest City Hall to await the final results, chanting “Nicusor!” Each time his lead widened as more results came in, the crowd, many waving the flags of Europe, would erupt in cheers. Higher voter turnout than in first round
When voting closed at 9 p.m. local time (1800 GMT), official electoral data showed a 64 percent voter turnout. About 1.64 million Romanians abroad at specially set-up polling stations participated in the vote, some 660,000 more than in the first round. In the first round on May 4, the final turnout stood at 53 percent of eligible voters.
Dan told the media that “elections are not about politicians” but about communities and that in Sunday’s vote, “a community of Romanians has won, a community that wants a profound change in Romania.”
“When Romania goes through difficult times, let us remember the strength of this Romanian society,” he said. “There is also a community that lost today’s elections. A community that is rightly outraged by the way politics has been conducted in Romania up to now.”
Shortly after 11 p.m., Dan emerged onto the balcony of his headquarters and waved to his thousands of supporters who had gathered along the length of a boulevard in central Bucharest, eliciting an ecstatic roar from the crowd.
At the raucous rally, Ruxandra Gheorghiu told The Associated Press that she felt overwhelmed by the result.
“I was so scared that our European force is near the end … we are still in Europe and we are not fighting for this right,” she said. “I cannot explain the feeling right now.”
Romania’s political landscape was upended last year when a top court voided the previous election in which far-right outsider Calin Georgescu topped first-round polls, following allegations of electoral violations and Russian interference, which Moscow denied.
EU Commission President Ursula von der Leyen sent her “warmest congratulations” to Dan and noted that Romanians “turned out massively” to vote. “They have chosen the promise of an open, prosperous Romania in a strong Europe,” she said in a post on X. “Together let’s deliver on that promise.”
Dan, a 55-year-old mathematician who rose to prominence as a civic activist fighting against illegal real estate projects. In 2026, he founded the reformist Save Romania Union party but later left, and ran independently on a pro-European Union ticket reaffirming Western ties, support for Ukraine and fiscal reform.
Standing on the steps of Romania’s colossal Communist-era parliament building after polls closed, Simion had predicted a victory, and said that Georgescu was “supposed to be the president” before last year’s election was annulled.
He also called for vigilance against election fraud, but said that overall he was satisfied with the conduct of the vote.
Supporters of presidential candidate Nicusor Dan react to exit polls of Romania's second round of the presidential election, in Bucharest, Romania, on May 19, 2025. (REUTERS)
What’s going on in Romania?
Years of endemic corruption and growing anger toward Romania’s political establishment have fueled a surge in support for anti-establishment and hard-right figures, reflecting a broader pattern across Europe. Both Simion and Dan have made their political careers railing against Romania’s old political class.
Cristian Andrei, a Bucharest-based political consultant, told the AP that Romanians “rejected hate and reactionary politics and embraced the pro-western direction” for their country.
“It is a win for the optimistic Romania, but there is a large part of voters that are really upset with the direction of the country,” he said. “Romania comes out of this election very divided, with a totally new political landscape, where older political parties are challenged to adapt to a new reality.”
In the lead-up to Sunday’s vote, Simion’s rhetoric had raised some concerns that he wouldn’t respect the outcome if he lost. In the early afternoon, he told reporters that his team was confident in a “landslide victory,” if the election was “free and fair.”
However, he repeated allegations of voting irregularities among Romanian citizens in neighboring Moldova and said that his party members would conduct a parallel vote count after polls closed. He told The Associated Press that the ballot so far had proceeded properly.
Adrian Nadin, a 51-year-old musician who supported Georgescu in the previous election, said that he chose Simion. “A part of Romania prefers conservatism,” he said.
“It is very important because the next president will be our image in Europe, and (decide) how Romania will evolve in the next five years,” said Luminita Petrache, a 32-year-old financial crimes analyst. “I hope for changes in Romania in good ways.” What’s ahead?
The president is elected for a five-year term and has significant decision-making powers in matters of national security and foreign policy. The winner of Sunday’s race will be charged with nominating a new prime minister after Marcel Ciolacu stepped down following the failure of his coalition’s candidate to advance to the runoff.
After coming fourth in last year’s canceled race, Simion backed Georgescu, who was banned in March from running in the election redo. Simion then surged to front-runner in the May 4 first round after becoming the standard-bearer for the hard right.
A former activist who campaigned for reunification with neighboring Moldova, Simion says he would focus on reforms: slashing red tape and reducing bureaucracy and taxes. Still, he insists that restoring democracy is his priority, returning “the will of the people.”
His AUR party says it stands for “family, nation, faith, and freedom” and rose to prominence in a 2020 parliamentary election. It has since grown to become the second-largest party in the Romanian legislature.